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ICBC Introduces New 1.5% Local/3.0% Overseas Rebate MasterCard

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Old 17-06-2017, 04:42 PM   #16
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Hmm... SC Unlimited, HSBC Advance or this card.
The HSBC Advance is a good card if you happen to be a HSBC Advance banking customer and stay that way. Then you qualify for an annual fee waiver. Otherwise, the annual fee is not good -- and there doesn't seem to be any waiver at all. Also, the rebates are capped.
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Old 17-06-2017, 04:43 PM   #17
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Foreign transaction fee includes the cross border fee already right?
Yes, that's correct.
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Old 17-06-2017, 04:50 PM   #18
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That's because the ICBC Global Travel MasterCard actually works as a "Tap & Go" card for public cbus and train fares in Singapore. Per the terms and conditions, those transactions are coded beginning with "TL-ABT." Through August 31, 2017, those transactions qualify for a 10% rebate. Thereafter, since "TL-ABT *" is not on the rebate exclusion list, they'll qualify for a 1.5% rebate. All with no administrative fee.

This really is a very good card.
Must sign up for icbc saving account?
Any catch?
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Old 17-06-2017, 04:54 PM   #19
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This looks like a good replacement card for AMEX TCB and SCB Unlimited card.
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Old 17-06-2017, 05:01 PM   #20
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Must sign up for icbc saving account?
No.

Any catch?
Not much.

1. I haven't found ICBC's form for automatic GIRO credit card payments, so that's a possible shortcoming if you prefer having automatic monthly credit card payments. (I do.) That said, my understanding is the banking regulations require credit card issuers to offer that service, so I doubt it's a genuine shortcoming. You'd just have to ask for the right form since it's not obviously available from their Web site.

2. Unlike Standard Chartered, American Express, and HSBC there is no Apple Pay support yet. (If that matters.)

3. ICBC could obviously change or discontinue the 1.5%/3.0% rebates. But that's true of every card.

4. ICBC doesn't have the most polished customer service. Their Web site is pretty rough, for example. But Standard Chartered's customer service is really pathetic.

5. ICBC has fewer merchant-specific promotions than AMEX, Standard Chartered, and HSBC do. It has a couple, though, for example some currently running discounts on certain China Eastern and China Southern airline tickets. And in mainland China they'll have more merchant-specific promotions, if you happen to like that particular country.
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Old 17-06-2017, 09:15 PM   #21
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That's because the ICBC Global Travel MasterCard actually works as a "Tap & Go" card for public cbus and train fares in Singapore. Per the terms and conditions, those transactions are coded beginning with "TL-ABT." Through August 31, 2017, those transactions qualify for a 10% rebate. Thereafter, since "TL-ABT *" is not on the rebate exclusion list, they'll qualify for a 1.5% rebate. All with no administrative fee.

This really is a very good card.
do note that the 10% ABT promo does not stack with the regular cashback (1.5%-3%) under the same card. taken from FAQ:

Will the “TL-ABT *” transactions enjoy cashback under the “Up to 3%
Unlimited Cashback” Promotion in addition to this 10% ABT TransitLink
Cashback?
No, this Cashback Promotion cannot be combined with other cashback promotions.
The Qualifying Transactions of this 10% ABT TransitLink Cashback Promotion will
be excluded from the calculation of cashback entitlement for the “Up to 3% Unlimited
Cashback” Promotion.
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Old 18-06-2017, 03:34 PM   #22
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Thanks for sharing this BBCW.

Barring them discontinuing the 1.5%/3% rate, or me failing to secure AF waiver after three years, and/or general dumbassery of ICBC (never dealt with them before), I can see this one card replacing SCB UL, AMEX TCB (for local use), and both CIMB World Plat MC and VISA Signature (for travelling).
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Old 18-06-2017, 05:23 PM   #23
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so whats the difference with the Standard Chartered Unlimited card?
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Old 18-06-2017, 07:39 PM   #24
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Applied thanks.

Application process wasnt the smoothest. Kept getting logged out.

and yes, think this will replace my AMEX TCB card.
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Old 18-06-2017, 11:10 PM   #25
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....I can see this one card replacing SCB UL, AMEX TCB (for local use), and both CIMB World Plat MC and VISA Signature (for travelling).
Yes, that's true, although you can keep the CIMB cards since they have no annual fee for life. If ICBC's card becomes less attractive in the future then you've still got those cards as backstops.
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Old 18-06-2017, 11:26 PM   #26
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I missed one of the perks this card provides. If you're approved for the standard Platinum variant of this card then it appears you're eligible to enter ICBC's airport lounges in mainland China but only when flying domestically (internal flights within China). That's not a huge benefit for most people, but it's something.

For those who qualify for the free one-time use Changi Airport lounge pass you can buy additional lounge entries for S$28 each if you want.
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Last edited by BBCWatcher; 18-06-2017 at 11:30 PM..
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Old 21-06-2017, 04:03 PM   #27
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Just settling in using the SCB Unlimited Cashback card for my general (i.e., miscellaneous) spend, and along comes this card. Dropped off the paper application form at their branch next to my office this morning. Let's see how long it takes them to send me my card.

ICBC remains the only card issuing bank in Singapore whose card I'm not holding (very few)/have held (many). Let's see what's the experience like.
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Old 22-06-2017, 09:52 AM   #28
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StanChart unlimited cashback still gives 1% rebate for EZ-Reload after deducting $0.25 admin fee and 1.5% rebate for all transactions at http://www.axs.com.sg/axsEstation.php.

This ICBC Card does not give rebates for these transactions:
http://v.icbc.com.cn/userfiles/Resou...kPromotion.pdf
may i ask how did you get this info? StanChart unlimited cashback still gives 1% rebate for EZ-Reload after deducting $0.25 admin fee and 1.5% rebate for all transactions at http://www.axs.com.sg/axsEstation.php.

i have looked at the T & C : <https://www.sc.com/sg/terms-and-conditions/unlimited-cashback-credit-card-terms-and-conditions/>

Unlimited Cashback on Eligible Retail Transactions
Unlimited Cashback is awarded only on retail transactions which exclude those transactions listed in Clause 3 below (“Eligible Retail Transactions”) made on your Card based on the date such purchases are posted to your Card account. For the avoidance of doubt, the date the transaction is charged may not be the same as the date the transaction is posted due to factors including but not limited to processing time and differences in time zones (where applicable). For clarity, Eligible Retail Transactions charged to the Card in a month (as defined in Clause 6 below) but yet to be posted to the Card account by the Card statement date will not be taken into account in the computation of Unlimited Cashback earned for that month (as defined in Clause 6 below). Unlimited Cashback is computed on a monthly basis based on your statement date and will be calculated based on two decimal places for each individual Eligible Retail Transaction without any rounding off. Unlimited Cashback earned will be reflected in that month’s card statement but credited to your principal Card account only in the following statement cycle month. Such Unlimited Cashback amount will be automatically offset against the following statement cycle month’s billed amount. Unlimited Cashback earned by your supplementary cardholder(s) of the Card will be credited into your principal Card account.
The following transactions are not Eligible Retail Transactions and will not earn Unlimited Cashback:
any cash advance;
any fees and charges (including annual fees, late payment fees, interest charges, and or finance charges) charged to your Card;
any balance or fund transfer;
any monthly instalment of an EasyPay transaction;
any amount charged to your Card (and/or your supplementary credit card) that is subsequently cancelled, voided, refunded or reversed;
recurring payments or payments made to all billing organisations using Standard Chartered Online Banking;
AXS or ATM transactions made using the Card;
amounts which have been rolled over from the preceding months’ statements;
tax refunds credited into your Card account (and/or your supplementary credit card account);
any tax payments charged to your Card (and/or your supplementary credit card);
any insurance premiums charged to your Card (and/or your supplementary credit card); and
any top-ups or payment of funds to any prepaid cards (with the exception of EZ-Reload charged to your Card) and any prepaid accounts including without limitation to the following accounts or any other accounts as we may specify from time to time:
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Last edited by a4973; 22-06-2017 at 09:55 AM..
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Old 22-06-2017, 01:58 PM   #29
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has anyone got this card? how long does ICBC take to process?
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Old 29-06-2017, 01:56 PM   #30
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1. I haven't found ICBC's form for automatic GIRO credit card payments, so that's a possible shortcoming if you prefer having automatic monthly credit card payments. (I do.) That said, my understanding is the banking regulations require credit card issuers to offer that service, so I doubt it's a genuine shortcoming. You'd just have to ask for the right form since it's not obviously available from their Web site.
I'm a little worried about this shortcoming as I completely rely on GIRO to settle all my credit card bills....not organized enough to keep track of due dates. I just got a call from ICBC a week after submitting the physical application at their main branch requesting for an additional document that I had inadvertently left out. The person on the line [admittedly someone from the processing department] didn't think they allowed GIRO payment.
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